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Cardano Ecosystem

AZCoinnews

10/13/2023

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Cardano (ADA) Struggles: 93% of Addresses in Loss - What's Behind the Decline?

Cardano (ADA) has emerged as a promising blockchain protocol, boasting numerous features that set it apart from its peers. However, recent data from market analytics platform IntoTheBlock (ITB) has revealed a...

Cardano (ADA) Struggles: 93% of Addresses in Loss - What's Behind the Decline?

Cardano (ADA) has emerged as a promising blockchain protocol, boasting numerous features that set it apart from its peers. However, recent data from market analytics platform IntoTheBlock (ITB) has revealed a rather unexpected and concerning trend for ADA investors. The number of addresses in loss has reached an all-time low, painting a bleak picture for the coin’s profitability.

According to ITB, the total number of addresses in loss has plummeted to 93.61%, representing a striking contrast to the robust features that Cardano offers. This alarming statistic equates to 4.71 million addresses currently underwater, highlighting a growing concern among ADA holders.

To put this into perspective, as of the latest data available, there are 192,270 addresses that currently hold a positive net worth. These addresses make up just 4.32% of the total wallets registered on the Cardano network. The majority of ADA holders are witnessing their investments dwindle, causing many to question why a protocol as promising as Cardano is failing to translate its recognition into profitability.

Cardano I/O Chart. Source: IntoTheBlock

Despite Cardano being ranked as the 8th largest cryptocurrency by market capitalization, a significant portion of its investors finds themselves in the red. This apparent disconnect between Cardano’s reputation and the reality of its performance has raised eyebrows within the cryptocurrency community.

Cardano’s impressive features, which include a sustainable and scalable blockchain platform, have not been enough to safeguard investors from the recent market turmoil. While the protocol’s unique approach to smart contracts and its commitment to sustainability have garnered substantial attention, these attributes have not shielded ADA from market volatility.

ADA/USDT 1 days-chart on Binance | Source: TradingView

At the time of writing, ADA is trading at a price of $0.2455, reflecting a 0.45% decrease in the past 24 hours and a 6.8% drop in the past week, according to data from TradingView. This downward trend in ADA’s value only adds to the concerns of its investors, who had high hopes for a coin that promised so much.

The cryptocurrency market is notoriously volatile, with sudden price swings that can catch even the most seasoned investors off guard. Cardano’s recent struggles may be indicative of this volatility, rather than a reflection of its fundamental qualities.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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